Institutions dump Cipla after poor quarterly nos

Institutional investors are believed to have dumped Cipla shares on Monday, after the company’s March quarter earnings fell way below market estimates. The stock fell almost 7% on Monday to Rs 319.85 in a strong market.

According to brokers, a leading private mutual fund known for its aggressive investment strategies trimmed exposure to the stock on Monday. In recent weeks, the stock has underperformed the healthcare index.

Contributed by Nishanth Vasudevan, Reena Zachariah & Harish Rao.